Industry News

Real estate foreclosures down in August

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New national foreclosures on real estate properties decreased 4.3 percent in August after two consecutive months of increases, according to a report from RealtyTrac, an online marketplace for foreclosure properties. Despite the decline, August's new foreclosure numbers were higher than any other month except for July, according to the report. A total of 75,599 properties entered some stage of foreclosure or were foreclosed on – one for every 1,530 households. "After consecutive months of increasing foreclosures, the rates across the country seem to have stabilized in August," said James J. Saccacio, RealtyTrac chief executive officer. "But it appears that the overall decrease in national foreclosures may be somewhat inflated due to the damage caused by Hurricane Katrina." The three states most directly affected by Hurricane Katrina, which made landfall on Aug. 29, all documented significantly fewer foreclosures in August than in July. Louisiana reported a total of 174 new f...